In the realm of digital currencies, while Bitcoin remains uncertain, certain alternative coins seem to be moving independently of established correlations. One such coin, GLM, has been garnering significant attention due to its recent surge.
Price of Golem (GLM)
The Golem (GLM) coin has attracted considerable attention after experiencing a 30% increase within a span of 24 hours, reaching a value of $0.5963.
During this same period, the trading volume of GLM also saw a staggering increase of over 9000%, totaling $659 million. These figures suggest a high level of interest in GLM at present.
Golem’s price levels exhibited a complex pattern, with lows at $0.3803 and highs at $0.596. As of the time of writing, GLM continues to trade at $0.048.
This price fluctuation occurred after a period where GLM’s value had increased by 25%. However, it is important to note that the current price is still 60.8% lower than its all-time high (ATH) of $0.593, which was recorded on January 8, 2018.
Movement of Golem (GLM) Price
The recent movements in Golem’s price also indicate a positive outlook from a technical analysis perspective.
The Moving Average Convergence Divergence (MACD), a key indicator of market momentum, demonstrated a noticeable increase in cryptocurrencies. This is evident when the MACD line crosses above the signal line, signaling an upward shift in momentum.
Furthermore, the MACD indicator entered the positive zone, contributing to the rising momentum. In terms of GLM, the Relative Strength Index (RSI) is currently at a buying level of 59.49, which is below the overbought signal of 70.
This situation suggests that the market still has room to grow despite the high trading volume. Therefore, in this overbought process, prices could potentially reach higher levels.
Can GLM Exceed $0.60?
A significant resistance level has been identified for GLM at the $0.60 mark. This level has also acted as a resistance in recent hours. If the upward trend continues and GLM’s price surpasses this resistance, further progress could be achieved.
Past data and the latest market outlook indicate that surpassing the $0.60 mark could hold historical significance. If this level is surpassed and sustained, new price highs could emerge.
However, it is important to bear in mind that this level could also trigger selling pressure.
Disclaimer:
The information provided in this article should not be considered as investment advice. Investors should be aware that cryptocurrencies are highly volatile and carry inherent risks. It is advisable to conduct thorough research before making any investment decisions.
